Rolls-Royce share price rises after it appoints new executive Bradley Singer from activist investor ValueAct March 2, 2016 Roll-Royce has appointed a new non-executive to its board from US-based activist investor ValueAct, as the company presses ahead with its turnaround plan. California-based hedge fund ValueAct raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent in December, fuelling expectations that it would seek a seat on the firm’s board and work with [...]
Moody’s cuts China’s credit rating to “negative” from “stable” March 2, 2016 Moody's cut its outlook for China from "stable" to "negative", citing the country's rising debt burden and uncertainty over the government's ability to implement the much needed economic reforms. The world's second largest economy is transitioning to a “new normal” of lower growth, driven by domestic consumption instead of credit-fuelled investment. "Without credible and efficient reforms, [...]
London’s Got Talent: London storms ahead of global rivals for attracting top business talent March 2, 2016 London is the most talented city in the world, with a survey showing that there are more highly-skilled people in the UK capital than in any other global rival. It surged ahead of rivals with a 16 per cent rise in high skilled workers in the past three years. London is now "in a league [...]
Benefit cuts to stall decline in poverty rates – Institute for Fiscal Studies March 2, 2016 The incomes of the UK’s poorest households have risen strongly over the last two years, but will be hit hard by future benefit cuts, a think tank has warned today. Poverty has plummeted, with 400,000 fewer children, 300,000 fewer working age adults, and 200,000 fewer pensioners in absolute poverty over the last 12 months than in [...]
Shop prices decline in February for 34th consecutive month as supermarket price wars gather pace March 2, 2016 Shop prices fell for the 34th month in a row in February, to the benefit of consumers, as food returned to deflationary territory and competition on the high street remained fierce. Prices fell by two per cent in the year to February, which was an acceleration on the 1.8 per cent decline reported in January and [...]
Knight Frank Wealth Report 2016: The world’s super-rich population shrank last year March 2, 2016 The world's population of super rich shrank by three per cent last year as a more volatile financial climate and the continued fall in oil prices dented their wealth. Knight Frank’s Wealth Report released today found that there were 187,500 high net worth individuals (UHNWI) – those with $30m assets or more – at the [...]
Schroders boss Michael Dobson reported to be preparing to stand down March 1, 2016 Michael Dobson, chief executive of asset manager Schroders, is to announce he is stepping down tomorrow, according to reports. Dobson has led the company for over 14 years. He previously worked for Deutsche Bank, among other City firms. He will reveal his intended departure when the company reports its annual results tomorrow, the Financial Times [...]
Zynga share price up as Farmville developer appoints Frank Gibeau as new chief executive as current chief executive and founder Mark Pincus becomes executive chairman March 1, 2016 Shares in Zynga jumped in after-hours trading when the social gaming company revealed it was appointing a new chief executive as its founder becomes executive chairman. Frank Gibeau, who has been on Zynga's board since last August and is currently a director of data visualisation company Graphiq, will take up his role as chief executive on 7 March. Gibeau [...]
Qualcomm share price up as electronics company fined $7.5m by US authorities for allegedly hiring relatives of Chinese officials to gain business March 1, 2016 Qualcomm has agreed to pay a penalty of $7.5m (£5.4m) to the US Securities and Exchange Commission (SEC) today to settle charges for hiring relatives of Chinese government officials to influence them to pick the company above its competitors. According to the SEC, Qualcomm offered both full-time jobs and paid internships to officials' family members, flagging the candidates [...]
London Stock Exchange share price soars to record high on news of possible bid from NYSE-owner ICE to rival Deutsche Boerse March 1, 2016 Shares in the London Stock Exchange Group soared to a record high yesterday, after the New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE) confirmed it is considering bidding for the London-based exchange. ICE’s intervention came less than one week after LSE revealed it was in merger talks with the Frankfurt-based exchange Deutsche Boerse – [...]